Chief executive Gavin Patterson said BT was seeking seeking more flexibility over payouts to investors amid uncertainties over pension top-up payments and incoming price caps on existing broadband technology. As well as threats, however, he said it could take the opportunity to spend more on network upgrades if there is demand.

It now falls to Clive Selly, the chief executive of the Openreach network business, to establish the appetite for “full fibre” connections, which replace ageing copper telephone lines with faster...